Israeli Innovation May Affect Car Insurance
Car accident illustrationPic: Fotolia
Traffic tickets may increase your insurancePic: Illustration by Fotolia
Traffilog, an Israeli company operating in Rosh Ha’ayin, specializes in providing web-based Mobile Resources Management solutions which are based on technology and are able to assist customers in saving fuel, decrease aggressive behaviour, etc.
The company, founded in 2003 by Robert Israeli and Adi Amihai, recently developed a new technology that may be able to assist insurance companies. The black box type technology follows a driver’s driving pattern, including acceleration, stopping, turns, speed and more. The program can then analyze the data and determine the driver’s risk profile.
Traffilog is now attempting to sell this new technology to insurance companies, in order for them to use this technology to determine insurance rates. Currently negotiations are taking place with companies both in Israel and in Europe.
Shalom Life spoke with Isaac Pessah of Top Hat Insurance, who believes that this technology could not be applied in Canada. “First of all, there is an issue of privacy. In Israel there is no privacy law so it wouldn’t be a problem to install such technology in individuals’ cars. In Canada privacy is an issue so this would be a greater problem,” he explained.
In addition to the privacy issue, Pessah believes that this technology would be insufficient in order to change insurance rates. “It’s not possible to use only this technology, because there is not only an issue of decreasing rates but also one of increasing rates so a good driver would be willing to install this technology in his vehicle, while bad drivers would not,” he said. “The idea behind insurance is to have the bad drivers pay more.”
“I believe this wouldn’t work because in order to track people’s driving patterns, insurance companies would have to invest heavily in order to upgrade their databases so they’d have storage spaces. The investment just wouldn’t be worth the return,” he concluded.
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